Bitcoin Price Bulls Take Back $20,000

In this episode of NewsBTC’s daily technical analysis video, we take a look at Bitcoin’s price rally and see if it could be something bigger. Bulls ready to swarm bears everywhere Are you ready?

Watch the video below.

Video: Bitcoin Price (BTCUSD): Oct 25, 2022 Crypto Winter

Finally, there has been some action in Bitcoin, so far upside. Bitcoin price is currently just below $20,000.

BTCUSD Daily Launches Potential Bollinger Bands Squeeze

This is especially important for various reasons. First and foremost are the daily Bollinger Bands. The tool is at its tightest level since before the October 2020 bullish impulse. Bitcoin price must rise above the top of the Bollinger Bands by a sufficient amount to trigger a sustainable trend. This is called riding the band, and the volume should be roughly two-thirds of what it was in the modern sideways phase.

Just above the top of the Bollinger Bands is the Ichimoku cloud. Last time Bitcoin’s daily price action touched the cloud it was rejected, but this time it could be different.BTCUSD is also currently bullish and crossing above the conversion and reference lines. At about the same level, the daily Parabolic SAR. Since this tool is used to set a trailing stop loss, a short squeeze can start after pushing there.

Dynamic indicator resistance is piled up | Source: BTCUSD on TradingView.com

Related reading: Bitcoin regains control of cryptocurrencies? | | BTC.D Analysis Oct 20, 2022

Bitcoin Price Next Targets $21,000 and $25,000

Bitcoin’s price action has also crossed the 50-day moving average, with the 100-day and 200-day moving averages as the next logical price targets. These targets are around $21,000 and $25,000 is a few hundred dollars give or take.

All bullish signals occur when momentum begins to approach the LMCD zero line. By going through it, you can see short-term trend changes. According to the same tool for weekly timeframes, medium-term trends can also be almost opportunities. Momentum has started to pick up and strengthened after reaching levels from the bottom of the previous bear market.

Pixel perfect lines where cryptocurrencies intersect

At the moment, Bitcoin’s price on the daily timeframe is still struggling with an important resistance level – probably one of the most important levels it has faced as resistance: set almost five years ago. Best resistance ever.

Combined with all the above dynamic indicator resistance, the price action has paused and is struggling to this exact level, the 1 pixel line of resistance.

update: Bitcoin’s price has risen above this level and is currently trading above $20,000.